The Centre of Indian Trade Unions (CITU) vehemently condemns the decision of the Cabinet Committee on Economic Affairs (CCEA) to open the coal mining sector for commercial mining by private and foreign corporates.

Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi today gave its approval to undertake appraisal of 48,243 Line Kilometer (LKM) of 2D seismic data of the country’s sedimentary basins for which limited data is available.

“ONGC has sought shareholder approval for "borrowing/ raising funds in Indian rupee and/ or foreign currency by issue of debt instruments (including bonds, non-convertible debentures and notes) in domestic and/ or overseas market" of Rs 25,000 crore,” ONGC as part of its notice regarding the company’s Annual General Meeting (AGM) to be held on 27 September.

Pawan Hans could be merged with state-owned ONGC or made its subsidiary, a section of employees at the helicopter service provider has suggested even as they opposed the government's disinvestment plan.

According to a report by India Ratings and Research (Ind-Ra), this move will also in turn free up banks' potential exposure to the power sector by around 3.50 per cent or Rs 4,000 crore, providing them additional headroom to lend to the power sector.